In Nigeria, it is imperative to have multiple sources of income to sustain one’s lifestyle, and this could be in the form of having one or more small businesses. For some, a 9-5 isn’t enough to cater for all needs, and for others, being a full-time entrepreneur is their dream goal.
Whether you are commuting daily for a 9-5, working remotely, still studying, working your way to become a full-time entrepreneur, it is important to ask yourself these five key questions to make sure you are fully ready to kick off your small business.
1. Have I conducted a good market research?
You might have a wonderful business idea but if you don’t know the essential information of the demographic you want to market to, you might flop from the start. It is important to know if the kind of product or services you want to offer is desired, the income range of your customers, the scale of people that will be interested in what you have to offer, the market competitions and their pricing rates etc.
Before you start, conduct a direct research via methods like surveys, questionnaires, interviews, and you can have an idea of what the people want.
2. Do I have enough funds to start?
Whatever business you are going into, it is important to acquire enough capital. Risks should be factored in from the start. There are different sources of funds such as self-funding (from yourself, family or friends), from investors crowdfunding, or a business loan of a small amount.
3. Where do I want my business to be located?
If you have a physical store, can customers reach you easily? A lot of small businesses work both online and physically. How this works is that if they have a physical store and create a strong online presence for visibility. In this modern day and age, it is important to have a social media page to draw customers in.
4. Do I have a reliable supplier?
It could be a good day for your business where your customer wants your goods/services in large quantity, but your supplier is out of stock. It is important that if you are working a small business where you have a supplier, make sure it is a trusted and reliable one that can deliver fast and efficiently.
5. Do I have a business plan?
Yes, most business owners may have their business plan handy before starting a small business, but it is important to keep in track with the results and your personal goals.
Let’s look at an example. Your business might make an average profit of 50,000 naira per month. It is important to plan creative ways to improve your business so that it could expand into a large one in the future.
In conclusion, starting a small business might be tricky at first, and it is okay not to get it at the first, second or even the third try. You could try to hire a little for help as it is impossible for you as an entrepreneur to know how to handle every part of your business so to make sure you are operating the best as you can.
